We found a way to get debt-free WITHOUT working harder

Lisa writes: Some years in the past I wrote to you asking for recommendation as we had been closely in debt and discovering it a bit overwhelming.

Now my husband and I are debt free, our credit score rating is superb, we have now cash within the financial institution, and we’re paying off a mortgage.

How did we do it? Not by listening to your recommendation, which was to get two jobs every and slug it out paying hundreds in curiosity and principal to banks to repay our enormous bank card debt.

No, as an alternative we merely stopped paying the bank cards again. The quantity we owed was $30,000, which elevated to $50,000 with curiosity. Yet I learnt that, as bank cards are unsecured loans, you don’t really need to pay them again. So we sat and waited for seven years and, lo and behold, we’re not in debt, and have wonderful credit score scores. I’d love you to share this along with your readers — unlikely, I do know! But it’s most likely a greater tip than working your bum off giving billion-dollar worthwhile firms cash they don’t deserve.

Barefoot responds: I’ve been within the trenches as a monetary counsellor and I’ve by no means seen a lender roll over and never attempt to recuperate a $30,000-50,000 debt (which they’ve each proper to do – since you are legally liable to repay the debt).

Regardless, let’s be clear about what’s happening right here: somebody lent you cash in good religion — and also you deliberately ripped them off.

You say: “It’s probably a better tip than working your bum off giving billion-dollar profitable companies money they don’t deserve.”

I say: (nothing, my mouth is open, however no phrases are popping out).